ADIL Adili

 
TIDMADIL 
 
AIM: ADIL 17 August 2009 
 
                                   Adili plc 
 
                          ("Adili" or "the Company") 
 
             Placing to raise GBP0.9 million and directorate change 
 
Adili plc, the online retailer of ethical fashion and lifestyle products, which 
announced a change of trading name from Adili.com to Ascension on 13 August 
2009, announces that it has raised approximately GBP940,000 before expenses 
through the issue of 62,666,666 new ordinary shares ("Placing Shares") at a 
price of 1.5p per share, conditional upon admission of the Placing Shares to 
trading on AIM ("Placing"). The net proceeds will provide working capital to 
fund continuing growth, which the directors believe will take the Company to 
cash break even. 
 
Following completion of the Placing, the holdings of certain existing and new 
shareholders will be as follows: 
 
Shareholder                       Number of      Number of      Percentage of 
                             Placing Shares       ordinary    enlarged issued 
                                               shares held share capital held 
                                             following the      following the 
                                                   Placing 
                                                                      Placing 
 
Hawk Investment Holdings         29,700,269     56,774,317             48.04% 
Limited 
 
Williams de Broe Limited          7,866,667     10,403,507              8.80% 
 
Smith & Williamson                5,333,333      5,333,333              4.51% 
 
Mark Houghton Brown Esq.                  -      4,226,664              3.58% 
 
Peter Davies Esq.                 1,333,333      3,886,007              3.29% 
 
The Placing Shares will rank pari passu in all respects with the Company's 
existing ordinary shares. Application has been made for the Placing Shares to 
be admitted to trading on AIM ("Admission"), which is expected to take place on 
18 August 2009. Following Admission, there will be a total of 118,181,870 
ordinary shares in issue. 
 
Over the past few months, the Company has undertaken a detailed review of its 
cost base. With the savings already achieved since the beginning of April 2009 
and further savings identified which will be effected by the end of the first 
half of the current financial year, the Company estimates it can achieve 
annualised overhead cost savings in excess of GBP300,000. As part of these cost 
savings, Alan Howarth (Non-Executive Director) has resigned by mutual agreement 
as a director of the Company with immediate effect. 
 
Nick Samuel, Chairman, commented: 
 
"It gives me great pleasure to announce the Placing and I would like to thank 
our key shareholders and new investors for their support of the Company's 
business plan in the current economic environment.  With the Ascension 
rebranding, cost savings implemented and the ability now to concentrate on 
driving the business, this is an exciting time for us all to take the Ascension 
brand to the next level. 
 
I would like to thank Alan for his significant contribution to the growth of 
Adili through its early stages of development and wish him well for the 
future." 
 
Enquiries: 
 
Adili plc                      Adam Smith, Chief Executive T: 01258 837 437 
                               Officer 
 
                               Mark Swire, Finance 
                               Director 
 
John East & Partners Limited   David Worlidge/Bidhi Bhoma  T: 020 7628 2200 
(Nominated Adviser and Broker) 
                               Graeme Cull 
 
 
 
 
END 
 

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